Statoil Sees European Gas Demand Recovery

Norwegian energy firm Statoil sees some signs of gas demand in Europe recovering after years of decline, particularly in Britain, its chief executive told Reuters on Tuesday.

Norway overtook Russia as Western Europe’s main gas supplier in the last quarter of 2014 and was also ahead in the first quarter of this year, industry data showed.

“For some years we have seen a reduction in the European gas consumption starting with the financial crisis, with coal substituting gas in the power generation segment and that has been a very disappointing development for us,” Statoil CEO Eldar Saetre said.

“There are some positive signs that hopefully will at some point be a turning point for gas,” he added, referring to carbon tax introduction in Britain, which has led to gas demand rising in the power sector last year after three years of decline.

Saetre was speaking during a visit to Statoil’s Troll A platform in the North Sea with Miguel Arias Canete, European commissioner for climate and energy.

The platform, standing firmly on four huge concrete legs extending some 300 metres to the seabed, is the tallest such structure ever transported.

As the third anniversary of the entry into force of the Maritime Labour Convention 2006 (MLC) approaches, Seafarers’ Rights International (SRI) is embarking on a comprehensive study on the effectiveness of the Convention. The study has been commissioned by the International Transport Workers’ Federation. It will be an in-depth and... Read more →